MGM Resorts International is a recognizable entertainment company based in Las Vegas, known for top-rated hotels and casinos. They have national and international locations and offer conference spaces, amazing live entertainment, theatres, and many other services. MGM Resorts also provide their visitors with exceptional nightlife and a wide range of restaurants. In general, you can find anything you need if you visit their resorts.
With such a broad spectrum of services, it came as quite a surprise that MGM Resorts have recently decided to cut over 1,000 jobs by this summer. This was a shock for many employees, especially those in Mississippi, where MGM operates the Gold Strike Casino. Their plan to terminate more than 1,000 job posts is based on their strategy to reduce costs and boost profits. According to their announcement earlier this week, the reduction of their staff is necessary.
Corey Sanders, the Chief Financial Officer of MGM, stated that 35 executives of the MGM Resorts have voluntarily retired. By the end of this summer, precisely in June, their staff will be short for 1000 employees, and that is the part of MGM’s 2020 plan. It’s still unrevealed which positions will be shut down, so many employees are concerned about losing their job.
If MGM manages to complete the 2020 plan, their annual profit should increase by $300 million by the year 2021. The company was forced to go with these measures because their cash flow in 2019 dropped by approximately 10%. This isn’t the first cost-saving measure, either, as they had already made some cuts in January this year, dropping 254 senior management positions.
Gold Strike Casino Resort
MGM Resorts own the Gold Strike Casino & Resort, based in Tunica, Mississippi. This casino resort will probably be the first target when it comes to letting employees go. Their employees are worried for a reason since many companies in Tunica announced the shutdown of their casinos due to drop in income. One of those companies is The Penn National, and Resorts Casino Tunica will probably be shut down by the end of June.
Even though Tunica County regulated gambling back in 1990, by the mid-2000s they’ve experienced a decline in profits. The question is will they be able to survive this major cut down from MGM Resorts.
More about MGM Resorts
The fact that MGM Resorts have expanded globally shows how successful this company really is. They are operating with Empire City Casino (New York) as well as with Hard Rock Rocksino (Ohio), and they also offer services in Massachusetts, Macau, and Shanghai.
Another proof of their prestige is the Forbes award they’ve won last month. Forbes created a list by questioning over 50,000 workers across 25 different industries, and MGM Resorts was the first on the list when it comes to the Travel & Leisure Industry.
MGM Resorts are also proudly using Applause, the employee recognition platform. They also work on their goals by using leading feedback appraisals for managers, which is very important for any company. Employees of MGM Resorts can communicate with each other and hear about all the latest company news via online-based communications portal.
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